Deed of estate inventory – what facts are required?
The deed of estate inventory is a complete list of the decedent’s property and debt left behind, and it also contains information about all the inheritors (shareholders of the estate). In addition, the deed also serves the purpose of a tax return because the Tax Administration refers to the deed’s information when assessing inheritance taxes for each inheritor.
However, the Tax Administration has no template or form for a deed of estate inventory. For preparing the deed, you can use the templates available online and in bookshops.
Include the following
- inheritors, surviving spouse, beneficiaries under the terms of a will – you can check who are among the inheritors
- Each individual’s postal address and personal identity code
- The name of the person reporting the estate, and the names of two trustees who must sign the deed
- The contact person’s name, address and telephone number
- The relationship of every inheritor or beneficiary to the deceased person
- If a partner with whom the decedent lived together is a shareholder of the estate, does either of the following statements apply?
- The unmarried partner had previously been married to the decedent
- The unmarried partner and the decedent have (or have had) a child together
- The assets and liabilities of the decedent and the surviving spouse on the day of death
- If the decedent’s spouse died earlier but the spouse’s assets are still not distributed, the assets and liabilities of both must be recorded in accordance with the circumstances prevailing on the date of death of the later-deceased spouse.
- Was there a marital right to each other’s property between the decedent and the surviving spouse?
- Will the surviving spouse hand over any of the property, to pay adjustment to the heirs of the spouse who died first?
- Does the surviving spouse keep the right of possession to the house or apartment that was their home?
- The will and any claims for lawful portions
- Any advancements made by the decedent or by the surviving spouse
- gifts that an heir or a beneficiary of the will received during the past three years prior to death – give the date, value and description of the gift
- insurance indemnities paid to the estate or to a beneficiary on account of the death – fill in the beneficiaries’ names and the amounts they received
- a student loan of the decedent – the value to be recorded for the deed of inventory is €0. Estates of deceased persons are not under obligation to pay back a government-guaranteed loan.
Include the following deductions in the deed of estate inventory
- Funeral expenses
- Expenses directly related to the inventory, the deed, and the meeting
- The decedent’s debts during lifetime
Examples of debts include
- home loan, hire-purchase debt, credit card debt
- tax debts, as assessed during the decedent’s lifetime
- water, electricity and telephone bills
- medical expenses left unpaid
Add photocopies of the following documents
- Will and prenuptial agreement.
- The estate’s deed of distribution if the estate’s distribution is completed by this time.
- Deed of partition or deed of estate distribution, if the spouse died earlier and if distribution of matrimonial property and the estate was carried out between the decedent and the deceased spouse’s heirs.
- Documentation to indicate who will handle the estate’s other tax affairs.
- if the person handling the tax affairs is a representative, e.g. one of the estate’s shareholders, every shareholder must sign an authorisation clause to be included in the deed of inventory, or give a specific power of attorney (Form 3630) (available in Finnish and Swedish, link to Finnish).
- Read more about the letter of authorisation for managing the tax affairs of an estate
- Documentation to indicate whether you will continue to run the agricultural farm or business that the decedent left behind, and you request an extension of time to pay your inheritance tax
Please submit the above to the Tax Administration as photocopied documents, not original documents. Keep the original documents for yourself.
You do not have to enclose or attach the following documents:
- Bank statements indicating current balances in various bank accounts
- Receipts concerning various expenses the estate has paid
- Any account of family relations in the form of extracts from the population register
- Photocopies of another deed of estate inventory
If necessary, we may ask you to provide further information. Det är bra att förvara kvitton och verifikationer i sex år från utgången av skatteåret. De får också förvaras i elektroniskt format. Skatteåret är det år då arvlåtaren avled. Det räcker med att uppgifterna vid behov kan skrivas ut på papper.
Keep the original deed of estate inventory
We recommend that you make several signed (original) copies of the estate inventory deed. You will need the original deed whenever you need to determine who can represent the estate. Another situation where you need it is when you deal with the estate’s bank matters or when you are having immoveable property registered officially under the estate’s name.
Keep the original receipts enclosed with the original deed that stays with the heirs.
Make a photocopy of the deed and send it to the Tax Administration
We recommend that you and the other shareholders agree at the inventory meeting on who will send the deed and its enclosures to the Tax Administration. The deed must be delivered to the Tax Administration within 1 month from the estate inventory meeting. One photocopied or scanned example is sufficient.